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The Willis Report

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  FOX Business    The Willis Report    News/Business.  
   Host Gerri Willis.  

    October 28, 2012
    10:00 - 11:00pm EDT  

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improvement. but i'm not likely to see that. that is our show. thank you for watching. good night. [applause] john: everyone. "the willis report" is coming up next. ♪ gerri: hello, everybody. i'm gerri willis. signs of desperation for the obama campaign as polls show the president's support eroding. today's objective, youn voters. president-elect counted on them to get h elected, but now he is learning that they are not full of hope for him as they were last time. probably because while he is in the white house many young people are still living at their parents' house, facing fewer job opportunities. the president today trying to gin up his base among young voters with interviews at mtv and rolling stone. will it work? here to talk about it top political journalist and commentator, columnist for the new york post and human events
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editor and radio talk-show host. welcome. great to have you here. i'll go to you first. you know, this in a tv interview we were listening to this afternoon, and the questions are unbelievable of softballs. it's like so, what was your first date with michele like? i mean, is this what passes for journalism with the president? >> i think so. a lot of journalists are on his side, so they're giving him an easy shot, but the thing is he's ving a hard time with young voters. we have 12 percent unemployment for 18-29 year olds. and if there were so enthusiastic back in 2008. now ey're living in their parents' home and they are upset and disenchanted. gerri: last time around the president 66 percent. his competitor at that time, john mccain, 32 percen among young voters. how hard is this at the end of the day when you look at this for people to up sign-on with
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the president when you can't get a job? >> okay. gerri: sorry about that. i'm asking both of you. >> youngbear voters were an indispensable part of his winning coalition in 2008. 23 million younger voters went and cast their ballot. the vast majority of them went to barack obama. that is why he has these tail mary's trying to get bruce springsteen and in ohio and iowa, trying t a kid young people up to vote for him. these are not college kids thousands are coming out on college campuses. the mtv was swayed. nike said, you won't have any hard-hitting journalistic questions. will these tactics work? they do, but not to the same degree they did in 2008. gerri: the question is all about whether young people go and vote at the end of the day. something that i think is really important. this new ad with a young girl.
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she is an actress and a hit series called girls. i want you to listen to this. it's pretty provocative. >> your first time should not be with just anybody. you want to do it with a great guy. is to be with a guy with beautiful, someone who really cares about and understands women. >> my first time voting, it was -- gerri: really? what do you make of this? part of the problem with this for me is that it is yet more evidence that the president is not being presidential. the campaign has to go along with this. it's out there. it is kind of atrocious. >> it is creeping. if the president wanted to disassociate from and he can have a super back to it, but for the campaign to be involved with this baja shows the desperation.
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a 11 or 12 days before the election and the president is still trying to excite his base. ads like this, what you should have done six months ago. now you should be reaching to the independence, the centrists, the people you don't already have in camp. i think any time he does something like this, te profanity and all the attacks on mitt romney, i tink it backfired -- backfires among a different demographic. older voters who might be inclined or who are undecided will look at this and say, that's not for me. why would he do that. as you say, it's on presidential and is -- [talking over each other] gerri: you say this shld have been used earlier. i don't think it should have been used at all. >> it's kind of offensive. the only way they can reach out to young women, becuse this is the demographic they're reaching out to come is to appeal to us through a cheap birth control, sandra fluke and now this at comparing. [talking over each other] gerri: that is the only thing on your agenda.
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what is the president missing? >> needs to understand that the economy is the number-one issue, does not matter if you are woman or man. the problem is we need jobs. >> but he has no plan. this is all about distracting, turning your attention to something that he thinks you will like instead of a job. it's let them eat cake. gerri: jason. >> the frivolity of his campaign. it's binders full of women, bayonets, big bird, and at the top of this message that we are comparing a sexual experience to voting for barack obama. i think the analogy is apropos because another four years of barack obama will be painful. gerri: we have a gallup tracking poll with from the leading obama 51-46%. and yet in the desperation that we are talking about, you alluded to it, but we did not say it. the comment from the president about romney calling him of the
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answer. now he used the word. the president used the word. >> the president of the united states. gerri: what does that tell you? >> what is interesting about all of these, what they're showing is that the debates, a lot of independents like to present less having seen him in the three debates whereas a lot of independents like mitt romney much more. the washington post-abc poll, 47-10 for romney liking him more rather than less. for obama it was 17-26 liking him less rather than more. so the debates did not serve the president well, and he continues down this path. it's kind of inexplicable. gerri: i want to play some sound from all right who i think some of the problem. voters pased. >> college graduates should not have to live out their 20's and their child to bed rooms staring out at fading obama posters and wondering when they can move out and get going with life. gerri: doesn't that crystallize
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the problem for young voters? >> sure when you have 15 percent unemployment in you have 50 percent of them who cannot find jobs once they graduate. stayinon the counter. the problem is, though, you still have the recent poll, a harvard poll has obama leading men romney by 90 percentage points in tat age demographic and 18-29. these are your classic case obama's zombies. barack obama, is campaigning in his actual policies are going to make it a lot harder for young peopleo find jobs and pay up this enormous debt and is sitting on our doorstep. yet there will still cast a vote by and large for barack obama in today's. gerri: you look at the way he campaigns. here is money for you, money for you, student loans, free birth control demand for you, i'm going to give you, you know -- >> foods stamps or immigration documents. >> had is that sense to you. >> i think it sounds awful. i personally would not be sucked
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into voting for him just because of that. i think the point is that young people aren't enthusiastic about in. what matters is turnout. and i think romney does not have to when the end people, all of the and people. all he has to do is reduce the margin by which obama won them in 2008 which will be that big of a problem because of the fact that people are now enthusiastic, they're not like the war in 2008 to 61 to see esther in the white house? is that important for you? re looking for someone to lead the free world? >> i want someone who can provide more economic freedom and provide a better life for americans. >> obama is not even had to. gerri: jason and then you. >> we all want an adult. these are important issues facing the world from the economy and home to the threats abroad, and to have somebody in there who i pretending and playing in joking around, i don't think it cuts within months serious people. gerri: that is the way it feels. >> i don't even hink he's a hipster. i think he is a phony all-around .
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david stern, the nba commissioner saying he is described pretty much when he plays basketball, the guy where's mom jeans. i don't even -- [talking over each other] gerri: you made fun of my jeans. >> is see a hipster are not? gerri: i'm sorry. that was just crew of me, but i could not make fun -- could not help myself. a quick round here. who is going to win? >> we are close. >> romney has the momentum. obama has to break romney's momentum. i don't see how does that. >> romney. gerri: jason. >> and going to have to go with romney. the momentum is on his side in every single swing state. gerri: all right. we will hold you to that, and if you're not right we will bring you back. thank you so much for coming on tonight. great job. i'm sorry i make fun of you. i apologize. >> it's a cake. [laughter] gerri: thanks a bunch. now we want to know what you
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think. here is our question. are the democrats and presence getting desperate? log on to gerriwillis.com, on the right-hand sidef the screen not share the results of the end of the show. more to come. we're not done, including the trip behind today's government members on the economy. gdp, and mitt romney making his final pitch for this closing argument on the economy. reaction from the former chief economic adviser to the president. ♪ this happy couple used capital one venture miles
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monarch of marketing analysis. with the ability to improve roi through seo all by cob. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. i'm going b-i-g. [ male announcer ] good choice business pro. good choice. go national. go like a pro. gerri: m rodney taking the president to task on the economy and a closing bids to voters in the battleground state of viola today. romney slamming president obama armas added policies that have slowed our recovery while
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promising big change under of romney-right administration. with more on this, senior fellow for the hoover institute and former chief economic adviser to president george w. bush. welcome back to the show. always great to have you here. >> glad to be with you. gerri: i want to play a little bit of the sounds of our viewers can get a sense of the town. >> short >> the jobs, where are the 9 million more jobs the president obama prised his stimulus would have created by. [speaking in native tongue] there in china, mexico, canada, countries that have made the sales more attractive for entrepreneurs and business and investment. even as president obama's policies have made it less attrtive for them here. thing. gerri: and we have one more jobs report to come. what do you expect? is it going to help romney or the president? >> i don't think it's going to make much difference at all. if you look at the picture that the economy has been traveling through for the past three years now, basically we're in a
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situaaion where we have continued slow growth. we have growth at about 2 percent per year since the turnaround in june of 2009. i normal recovery should have doubled that, and unless we get to double that kind of growth are not going to have significant job growth. one of the things that -- go ahead. i'm sorry. gerri: i was going to make the point that obama makes that it was bush's fault and we have some sound on that. here's the president. >> what he did with what he inherited made the problem worse. [applause] in just four short years she borrowed $6 trillion nearly, adding almost as much debt held by the public as of prior american presidents combined. gerri: clearly that was not president obama. that was mitt romney in the campaign trail today in his economic speech. he is laying out his argument that we are having to bar from the chinese for everything we
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buy. is that a good enough answer for what is going on? >> well, i think what the president, of course, wants to say is that we have hasome significant job growth. he uses a number 5 million because he ignores the government sector. even if you use the actual number which is about 4 million jobs, most of that job growth is jobs that accommodate the growth in the population. so unfortunately the number is actually 87 percent of all jobs created have just accommodate the growth of population. so what we are getting is about 18,000 job per month since the turnaround in june of 2009. that means that it will take our entire lifetime just to get our jobs back that we lost back in 200 we are just not going anywhere near ft enough. we need a dramatic change in policy in order to get the economy owin again. the policies have not worked. surely the president inherited its economy, but what we are experiencing right now is not
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inherited. these are the policies that he has instituted. gerri: the president did make the point this week that he wants a grand bargain. he wants to get together with the other side of the aisle, find a way of fixing the fiscal cliff. so he does seem to be inching ever so slowly over the years and years and years to the right conclusion. do you have any confidence in canada happen? >> i, you know, again, i think our best predictor of the future is the past, and the president has not been successful in putting together a coalition. hehas not use the coalition's strategy of the past few years. his strategy has been anything but coalition. it has been strictly democrat must pleasant pushing policies through. i'm not confident we will see any kind of coalition forming, although i sure hope we do because the fiscal cliff that you mentioned his a significant impediment to the economy. if we see very large increases in taxes, and by the way, never liked the work fiscal cliff because it tends to but still lower spending with higher
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taxes. most of the problem is on the tax side, not the spending side. if we don't get that fixed we're going to have the very significant drag on this economy , sufficiently significant that we could go into a recession. gerri: the national association of manufacturers out with a study showing that if everything does stay in place we will get unemployment at 12%, lose 6 million jobs. the report even says that the threat of the fiscal cliff cut half a percent of the gdp this year. the impact is already there. it will mean fewer jobs, less robust economy. the you think they are talking up the story are too pessimistic , do you think they're right on target? >> well, i would not doubt for their numbers, but i certainly agree with the direction that they're talking about. there is no question that it is not just uncertainty. it is the concern thatwe will have higher taxes and taxes on sectors of the economy that have been important in creating
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growth. governor romney has talked a lot about small business. i think the president has proposed that, but there is an important point there, and that is that if you tax the top earners at 39% your hitting small businesses. when you talk about investment, when you talk about capital gains, you talk about dividends, taxation at ordinary income levels, you're talking about significant impediments to growth. that is how you create jobs in this country. we know it works. there is a historical record on the stuff. this is not just campaign rhetoric. if you look at the literature the studies this, and i looked at a party to marino that the policies it creates are low taxes, a good trade, cautious eye to regulation and a fiscal policy that is cautious in terms of creating a government structure that can grow the economy. gerri: we haven't done that. >> were not moving in that direction. gerri: quick last question. gdp numbers. if you back out government spending it is a little over 1%.
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is this fast enough? are these numbers being cut? >> well, i doubt they have been cut. look. they are bad enough as is. you don't have to cook them. 2 percent is nowhere what we need. the long-term growth rate is3%. recovery is 4%. if you have to cut numbers to get 2% you're in pretty bad shape. i would say even at 2% we are talking about an eternity before we get back to where we need to be. we are already at 12 percent below where this economy should be. it would take us six years at 5 percent growth to get back to that. we need to get going in a new direction in termsf economic structure. gerri: thank you for coming on. it's always a pleasure to talk to you. comebacks in. >> a pleasure to be with ou. thank you for having me. gerri: another one of his points, the president has a knack for picking losers when it comes to grain companies. you know the list.
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solyndra, begin. another art of the program green stimulus plan is the job training program. today according to a new internal audit that too is a loser. the energy department inspector general says the program was training workers who already had jobs and failed to place them in jobs after the trading was over. in fact, only 38 percent of those who went through the program got jobs, and 16 percent of those people kept the job for more than six -- six months. imagine that. 52 percent were already working in the energy sector and did not need training to begin with. this training program that was only 16 percent success will cost taxpayers 328 nav million dollars and the price tag could go up to 400 million. this president does not have a record to stand down when it comes to his stimulus program. the big one failed, the little one failed, and they all costly too much.
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still to come, forecasters say when hurricane sandy heads the east coast it will be harder and wider than last year sir can i read. the latest on what some are calling for frank and storm. weak economic numbers. the white house cheering. what this white house and the president does not want you to year. year. st 4g lte is the fastest. so, which supeast 4g lte service would yochoose, based on this chart ? don't rush into it, i'm not looking for the fastest answer.
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obviously verizon. okay, i have a different chart. going that way, does that make a difference ? look at verizon. it's so much more than the other ones. so what if we just changed e format altogether ? isn't that the exact same thing ? it's pretty clear. still sticking with verizon. verizon. more 4g lte coverage than all othther networks combined.
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♪ gerri: is the white house once again messing with the economic numbers?
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♪ gerri: sometimes i feel just a little bit like alice in wonderland. when i look at government data, for example, on the economy lately nothing is as it seems. take today's gdp number, theig
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kahuna of economic numbers. the government says the economy expanded at 2% in the third quarter. better than the zero expected number. do you think that's good? well, until you realize the improvement is largely due to government spending. take a look. that's federal spending, nine and a half% up. you have to go back more than two years to beat that when federal non-defense spending jumped sharply and back even further to the deaths of the recession and the height of stimulus spending to see a milar gain. that, my friends, is the trajectory. you know what, smoke and mirrors. government spending is not the same thing as company's small and large expanding, growing, selling, generating revenue. private sector revenues come from people illingly buying products. government spending is financed by compulsive tory lead to the tax system of fines. one definitely is better than the other is a sourcrce of economic growth. here is the white house statement about this report.
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the economy is moving in the right direction. right direction? shame on you, mr. krueger. we have yet to open up the throttle on right direction. the growth we have is puny. if you excluded government spending for the quarter growth was the same dismal rate it was in the second quarter. business investment in things like office buildings, pipelines, the big stuf that fell. the first jobs as the first quarter of last year. but i've gotten used to the slightest hand. guest today reported how california misreporting made weekly jobless claims look better than they really were earlier in the month. and then there is the mysterious 873,000 jobs that appeared in september. the biggest increase in 30 years . just in time to drive down the jobless rate. look. i know conspiracy theorist, but as alice said, it is getting
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curiouser and curiouser as we go deeper and deeper into these economic numbers. understand that we will continue to follow them for you. that's what i think. now i want to know what you think. and e-mail. gerriwillis.com. >> coming up on "the willis report", right before the kids go trecker tree, it's about to get scary. are you prepared? we will brk down the latest. and just after carving that halloween pumpkin get set to carve the thanksgiving turkey with the holidays fast approachin the door or your travel plans in place? tips on the best years later. also, we all know the fiscal cliff will crest the market, but could this be the least of o worries? our expert explains with a shaky earnings season means for you. earnings season means for you. we're on the case next on
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gerri: welcome the could be the
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storm of the decade. the hurricane board -- barrels toward the eastern seaboard with already deadly repercussions. joining me with up-to-date coverage, fox news meteorologist what is going not? what is the latest? >> it's going to be back o more than the storm of the decade to namibia last 50, 100 years. it is a big one. it does not look all that impressive. you don't see wat we like to see or what people c get excited about on direct and when they see that. it is not bad. bringing rain to florida right now and has been far last 36 hours. it's a slow mover. we have another 2-3 days off as it movee us towardthe northeast. it takes this unprecedented left-hand turn back toward the coast. this is potentially the worst case scenario that you can see for a place like new york city. the center of the storm goes to the center of this line right now, that puts all of jersey, the long island sound, and all of long island in the bat area
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of the storm. it also, with the way that shape is of the land, it funnels all the water into there and it cannot escape. we will be talking about a very significant one -- storm surge. models tmming them with just a little bit, but this is where the biggest storm surges, and it is a really long lasting storms. we will see some hurricane force winds monday and tuesday, about two days. rain that goes on for about 2-3 days. we will see some many people without power because it is not really going to be a hurricane when it makes landfall. we will be more like a nor'easter, but i nor'easter we have never seen before. so a lot of trees still have the leaves on. coinciding with the full moon which means your tides will be higher. all the storm surge. everything here will be seeing a lot of rain and wind. we might see 10 million plus people without power. those kinds of numbers. takes a long time to get as many people back on line. we'll be talking about power
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outages for people in many cases ightly over one week. gerri: i see the track of your storm. what areas do you expect to have the worst damage from the rain, water, flooding, and in the wind >> when everyone is in on. there is no doubt. inland sections, we are going to ohio and into weern pennsylvania. they will be dealing with wind. the wind is for everybody. the rain is for everybody. power outages are for everybody. the center of the storm, the worst beach erosion and the worst of the storm surges to the right side of that. i have to tell you, if we see the center of the storm, the single and it goes to the south of ne york city, we are potentially seeing the worst from the we have seen in the new york city area ever. you would get a storm surge coming into the long and sound from all that water piles up in new york harbor. and the east river is what can access to e water can't get out. we could be seen flooding in
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toward new york city and long islandould take a beating. jersey shore probably won't look the same after next wednesday and thursday. gerri: new york city is talking about the possibility of shutting down the subways an having -- that happened the last time. but nothing really went awry. and i am a little afraid that people are lulled into a sense of complacency. tell us what makes this sorm so strong. >> generally on a hurricane when you deal with hurricanes people think you need a warm water district in which is true, but because the storm is going to be interacting with a very strong storm coming off of the land, it is going to go through a different type of strengthening process and explode as soon as you get all the energy in the tropical moisture that you have from he hurricane meeting about this other storm, and this is the kind of scenario. what this means come anywhere you see green or blue, that is heavy rain. when you see these lines that are so tightly together, that is strong wind. that is maine, that goes back
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towards ohio, west virginia, down to the carolinas. potentially right here across the coast. you're absolutely right that i read at least on the coast was not that bad. it was moving pretty quickly. it was a weakening storm. this is going tobe a strengthening storm, and a slow mover. the coast not as bad. gerri: we won't get to the polling stations. see what you can do. >> it's going to be tough. gerri: it's going to be tough. we will be watching your report to find that the latest. thank you so much for helping us. really appreciate it. a billion dollars in damges was some folks are talking about the, the latest estimate of just how bad the started before residents of the east coast right here in new york city. here with some tips on preparing for the worst imogene's salvatore, senior vice president at the insurance information institute. i just want to say to you, this is the storm that your industry has been talking about for i don't know how long. >> absolutely. always telling people to be
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prepared and make sure they have enough insurance and to have an evacuation plan. let's hope people have taken that to heart and are really ready for the storm. gerri: a lot of conversation about what would happen if a big storm came to the northeast of here. and i know yoo guys have been warning people for a long time to have enough coverage. the you think people here are ready for something of this magnitude? >> the good news is that when discovered, so a lot of the damage for this storm is going to b covered. your coverage for wind. wind-related damage. trees that are falling. you are also, if we get that went to remakes that i keep hearing about also. snow. gerri: snow in addition everything, 2 feet. >> to feed, 3 feet of rain, those are things that are covered. the one thing that is not covered is flooding, and that you need to get separate insurance for. gerri: from the government. >> either from the national insurance program but also increasingly from private
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insurance. gerri: all right. i mentioned a billion dollars in damage. do you agree? >> we don't know. we don't predict -- we don't know what will happen. gerri: where would it ranked? if it was a billion. >> i can tell youhat hurricane irene last year was $43 billion in damage, and that was the top ten costliest hurricane. gerri: we are not done with hurricane season. >> we have a lot of time left to go. hurricanes are august, but basically it runs until the end of november. so we could even have another storm after this. gerri: what is the one thing you tell people to do this weekend? >> everybody should basically do a home nventory. you have time, your home, a detailed list of your stuff. we have a free application and suffer to make it easy. this way if you have to file a claim you know wat you have. it will also help you to buy the right amount of insurance "and a lot of good tips for making sure
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you have the right amount of coverage. gerri: bring n your pink flamingos people. you cannot have them outside. they become missiles. >> that is another good thing. take in everything from outside. gerri: all right. thank you for coming on. appreciate your time and tips. coming at, apple's stock dropped $100 in the past month. is this a buying opportunity or a sign you should sell the stock? next, hurricanes and the may disrupt your travel plans. trips on what to do plus up to save money this holiday travel season. don't go away. ♪ 4g lte is the fastest.
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so, which supeast 4g lte service would yochoose, based on this chart ? don't rush into it, i'm no looking for the fastest answer. obviously verizon. okay, i have a different chart. going that way, does that make a differenc? look at verizon. it's so much more than the other ones. so what if we just changed the format altogether ? isn't that the exact same thing ? it's pretty clear. still sticking with verizon. verizon.
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more 4g lte coverage than all other networks combined. gerri: more severe than last year's hurricane irene which was no picnic, my friends. he would have to travel smart, senior editor corediscount. welcome to the show. we just got news tonight, just south of american airlines is telling people that they will give customers flexibility to change their flight. now, that comes as no surprise to you, i'm sure, but should people book way, way out? this looks like this could go on for weeks. >> what they are doing is a typical process when you are faced with terrible weather like hurricane. what they will do is offer acute
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options, refund or a change in fair. change in the amount of time you can travel. what is tricky is the offer a window to change the ticket, so you have to really call up your carrier, but can change the flight right away so that you are still within the window will you not pay additional fees costs. gerri: be careful how you do it because you cannot do it absolutely anything you want to. let's talk about advice that you give people peak is as you were telling me during the break if this type airline travel for two, three weeks. it can go on for a while. what do you do if you're planning to travel? step number one, tw, three. >> number one is go online, check your particular carriers. they will give you explicit instructions on what is haening with the carrier and what the options are. the same goes with your hoel. you want to call tte hotel directly and work with them on figuring out the best plan for you, whether that is a refund or rescheduling of your trip. the second thing is to really be preped and have your smart phone ready.
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it is the best friend to anyone dealing with trael or changes in travel. download applications that will give you flights that is, delaysys, cancellations, real-te weather reports and on the flight booking changes. all of those tools will be really helpful for you. gerri: don't even stand in line if you can do it on your phone, all that much better off. tips of your flight gets canceled, and some of those that did not know. you have no right to a free hotel room. the airlines and not have to put you up overnight. >> that's right, and that is a common question people ask. truly it is not something that is built into a customer's bill of rights. if it is something that they want to offer, that's great, but you should be on your smart fun making plans to stay in a nearby hotel before you even, you know, get that changing your flight. it is the mostimportant thing. gerri: can they get a refund? >> you can get a refund. that is usually one of the first things offered. gerri: our next available flight >> next available flight, but sometimes that is not for weeks.
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what you want to do is really weigh the options and make an informed decisio. gerri: the other thing that happens is that the next available flight is on another airline. how hard is that? >> another airline, a different connecting city, and additional stop on your trip. none of these are ideal, but the real point is to be flexible and be up front and prioritize your trip. gerri: all right. and don't take your back because next weekend it is going to be a bad idea. thank you for coming on. appreciate your time. >> thanks for having me. gerri: all right. flying can be such a pain. ridiculous please, long delays. some airlines are trying to make the experience a little bit nicer by offering sex. says the way to my heart is to my stomach that is tonight's top five, but be prepared to travel overseas. air france.
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i hope i'm saying this right. based in the united arab emirates, fly with snacking on free range hands and honey produced by their own ees. holy cow. they offer a line of signature pickles. unbelievable. turkish airlines, complimentary champagne, soup, ice-cream, and the famous rich turkish coffee. royal dutch airlines. it's about drinking with the dutch jen. and the number one airline for snacking is a lane airlines. mangos, macadamia nuts, and more could be found. the only other american airline to make the list, jet blue coming in and number seven thanks to their never-ending basket of salty and sweet treats . you like that stuff. still to come, my "2 cents more" stocks weakened again after more tepid earnings reports. where should you invest?
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that's next. ♪ people really love snapshot from progressive, but don't just listen to me. listen to these happy progressive customers. i plugged in snapshot, and 30 days later, i wasaving big on car insurance. with snapshot, i knew what i could save before i switched to progressive. the better i drive, the more i save. i wish our company had something this cool. you're not filming this, are you? aw! camera shy. snapshot from progressive. test-drive snapshot before you switch. visit progressive.com today.
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gerri: my next guest says the pending fiscal cliff is way overblown.
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gerri: in focus, we talk a lot about the looming fiscal cliff. a disappointing earnings season so far, and it may get worse sending stocks tumbling even more. small investors could see their portfolios said. rob morgan chief investment strategist jjins me now. let's start with the fiscal cliff. because you think this is just
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way oversold, somebody out there selling a bill of goods trying to scare people. >> i think congress created the parameters around the fiscal cliff. congress will find a way to and -- are we going to come up with a grand compromise? no. we won't do that. are we going to kick that can down the road? more than likely yes. is that calamitous for the stock markets? notes. it's not the solution you want. gerri: i'm glad you're convinced. i'm not convinced. gerri: if they fail we are looking at 12 percent unemployment, 6 million jobs lost by 2015. this is a report from the national association of manufacturers up today. it makes the case that this would be calamitous for the economy and calamitous for stocks of companies trying to make earnings. >> i did not say they were going to do the right thing. i said there were going to avoid
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calamity. avoid a calamity. i do believe they will do that. that's a done deal. gerri: i hope you're right because i don't have all the confidence you do. what is interesting also is this earnings cliff. you say it's not that bad. yet we have seen 60% s&p companies not hit revenue targets. i find that troubling. commenced a number. that topline is not so managed. you cannot fake fat. if your revenues are going down that means a be you are not @%vesting, people are not buying your products. very basic. >> there is no doubt, we are in thmidst of what i would call a mild global slowdown, and we knew this earnings season was going to be terrible. and earnings are living up to that expectation. there is already some signs that we are seeing a slight pickup around the globe. and -- gerri: what are those signs? >> well, i think a lot of it
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seems to be when companies are coming out reporting, particularly u.s. multinationals they're saying that spending is being held back, primarily due to the election as a for instance concern over that. so from reading the tea leaves of these earnings reports and these earnings announcements it seems like this could be a trough earnings season has opposed -- gerri: this would be the lowest point. start to rebound. a lot of people who do what you do think that it's going to get even worse. >> and that is what makes markets. gerri: because of their analysis of what is going on with the fiscal cleft. you know, i think that when we look at this it is interesting because, for example, we have the report this week on apple. apple had earnings that were 24% higher than the your previous and did not make the number expected and that it. so it is really a game. to you think you see some
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glimmers among individual companies? >> i do. as i said, it seems like the companies that preannounced that there were going to have troubles did not get punished so badly. but there have been some negative surprises, and those companies really got whacked. back to the overall picture, we knew this season was going to be bad. gerri: is living up to your low expectations. >> and also keep in mind that for future quarters, future comparisons when you have a bad quarter like this it makes it easier down the road. gerri: said they plan to make things look better. thank you for the help. appreciated. stay dry this weekend. i know you are visiting the big apple. we will be right back with my "2 cents more" and my answer to the question of the date. other democrats and president getting desperate? stay with us. ♪
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>> getting desperate, the reaction, 90% says yes. be sure to log on 40 of my question every weekday part of the biggest insider trading case in history almost ad in end. giving a permission to his buddies for the massive insider trading racket. he was oy hit with a $2 million fine even though one hit netted $1 million and no jail time or charged with a cri. many connected with the case escaped prison entirely. the wonder the investing public has so little confidence in the market.